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Other loans available for small businesses after stimulus fund wiped out

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MCALLEN – More than $300 billion in stimulus money is set aside for small businesses impacted by the coronavirus pandemic has run out.

On Thursday, Congressman Vicente Gonzalez addressed the number of business owners seeking federal help, saying there is still hope.

The Small Business Administration announced it will no longer be accepting new applications for the Paycheck Protection Program or the Economic Injury Disaster Loan.

“Kind of shocked our system. We are working on a plan, a bipartisan plan, to be able to fund that as soon as possible and get funding down to our community. But more than anything that it gets down to people who lost need it. And within banking organizations that they actually get it to the smallest businesses,” said Gonzalez.

The congressman says there are other loans programs business owners can apply for. He recommends the best thing to do is contact their local congressional office.

Watch the video above for the full report.

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